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Redundancy Advice Pls
amc1
Posts: 1,318 Forumite
Hi, I'm potentially being made redundant and I have some questions if anyone can help pls.
1. Is redundancy pay paid via normal salary channels ie. your PAYE monthly payslip. Will the £30,000 tax free bit be automatically worked out or will I have to claim it back from the tax office ?
2. As it's coming towards the end of the FY, I will pay 40% tax on the rest. Can I ask that the company pays £n thousand of the redundancy into my current money purchase pension scheme before working out tax etc. Or do I need to do this myself after payment and then claim back ? I will thereby save on my tax liabilities. How much can I transfer into my pension scheme ?
Thanks.
1. Is redundancy pay paid via normal salary channels ie. your PAYE monthly payslip. Will the £30,000 tax free bit be automatically worked out or will I have to claim it back from the tax office ?
2. As it's coming towards the end of the FY, I will pay 40% tax on the rest. Can I ask that the company pays £n thousand of the redundancy into my current money purchase pension scheme before working out tax etc. Or do I need to do this myself after payment and then claim back ? I will thereby save on my tax liabilities. How much can I transfer into my pension scheme ?
Thanks.
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